Major economies around the world are highly focusing on developing the renewable energy power generation so as to reduce their dependency on conventional power generation through fossil fuels. Renewable energy currently holds a substantial share in total global energy production. In 2016, World Energy Council quoted that, hydropower accounted for about 30% of the total global installed power generating capacity and about 23% of total global electricity produced. The tremendous yearly addition in capacity of renewable energy is certainly boosting the energy storage systems globally. Energy storage system primarily utilizes potential energy to convert it into various forms of energy through mechanical, electrochemical, thermal and chemical conversion.
he energy storage systems are driven by various factors such as evolution in renewable energy power generation, gradual downfall in technology cost and increasing application of energy storage in all end-user industries. This is mainly because, energy storage systems are less polluting and produces less carbon emissions when compared with traditional conventional energy sources such as coal, oil and petroleum. Energy storage generation is helping in the fight against climate change as well as it is acting as a source of power for remote and off grid areas where still millions of global population lives. However, the growth of the market can be hindered by the due high initial capital investment and indistinct supervisory framework for energy storage systems.
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Industry Key Players:-
- ABB Limited
- Siemens A.G.
- Yuasa Corporation
- Samsung SDI Co. Ltd.
- Hitachi Limited
- Toshiba Corporation
- Exide Technologies
Advanced energy storage systems Global Market – Competitive Analysis:-
The global market for advanced energy storage systems seems to be highly competitive. To maintain the market position and to drive the market growth, various dynamic and diversified international organizations, domestic organizations and as well as new entrants form a competitive landscape. Market leaders are innovating continuously and increasingly seeking market expansion through various strategic mergers and acquisitions, product launch, innovation, increasing investments in research and development and cost-effective product portfolio. Major players are investing on internal R&D and, most of all, in acquiring other firms.
Advanced energy storage systems Global Market – Segmentation
The scope of global advanced energy storage systems market is segmented into two major segments which are explained below:
- Compressed Air Storage
- Pumped Hydro-power
Geographically, the global advanced energy storage systems market has been divided into North America, Europe, Asia Pacific and Rest of the World. Among these regions, Europe is projected to dominate the market during the forecast period. The major factors driving the growth of the market here are the increasing number of pumped hydro storage projects. Moreover, The Europe is addressing these new challenges in the energy system by promoting innovation in key technologies and developing suitable market rules. Technological innovation in storage falls under the Horizon 2020 programme and the Strategic Energy Technology Plan. Also, substantial growth is expected in regions such as, North America, and Asia Pacific, as these region are rapidly increasing their power generation capacity.
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Regional Analysis of Advanced Energy Storage Systems Market:-
Asia-Pacific market is expected to dominate the advanced energy storage market with major manufacturing and infrastructural activities being undertaken in this region. Major growth in the electric vehicles market in this region is another factor which is contributing to the growth of the Advanced Energy Storage system market.
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